Hanjin, POSCO sign megadeal for iron ore transport
Hanjin Shipping said Tuesday it has signed a 20-year deal with South Korean steelmaking giant POSCO for the annual transport of 2.4 million tons of iron ore from Brazil to South Korea.
The 20-year consecutive voyage contracts call for the deployment of two very large ore carriers to be delivered in 2011. The contract runs through 2031 and will be worth $1.1 billion.
Hanjin already has 17 vessels deployed for POSCO through various contracts. The carrier said last year it signed consecutive voyage deals with Hyundai Steel, as well as Glovis, a logistics subsidiary of the Hyundai Kia Group, and Korean power company KEPCO.
Hanjin, POSCO sign megadeal for iron ore transport
